Gemfields saw a drop in auction revenue for the first half of the year, due to a halt in production from its Kagem emerald mine.
The company achieved $60 million from auction sales for the six months that ended June 30, it said Thursday. That represented a 50% plunge from the $121 million it made during the equivalent period last year.
The loss of revenue occurred amid a pause in operations at Kagem at the beginning of the year to reduce costs as the colored-gemstone market weakened. The miner reopened two production points at the deposit’s Chama pit in May, with a further expansion from July. It continued to process stockpiles using the upgraded wash plant.
Meanwhile, the company will begin production at its second processing facility at the Montepuez ruby mine in Mozambique in August, reaching full operation in September.
Gemfields holds 75% of each of the Kagem and Montepuez mines, and fully owns iconic luxury label Fabergé.
Gemfields will publish its expanded financial results on September 26.
Image: Rough rubies. (Gemfields)